mezzanine capital, when facing a loan denial. -- Investment ; loan availability ; innovation ; private equity …This study examines the consequences of loan denials for the investment performance of small and medium-sized German … investment than non-innovative companies. The non-randomness of loan denials is controlled for with a selection equation …

We analyze the causal effect of the credit supply shock to banks induced by interbank market disruptions in the recent … financial crisis 2008/2009 on their business customers’ innovation activity. Using a matched bank-firm data set for Germany, we … find that having relations with a more severely affected bank seriously hampers firms’ current innovation activities due to …

serious investment obstacle when he can rely on a highly experienced local VC. Our results further suggest that inexperienced …

the impact of bank size. -- Innovation ; Start-up ; Credit information sharing ; Soft information … difficulties in raising bank finance than low-tech start-ups. We find that external credit scores do affect the availability of … credit for start-up firms, but that banks rely less on external rating information in their decision making for high …

This article examines the impact of innovation on employment growth in innovating small and medium enterprises using a … quantile regression approach. The key findings are that innovation has a positive effect on employment in both growing and … shrinking firms. The impact of innovation on employee headcounts is much stronger in companies that are already experiencing …

companies. Equity may be a constraining factor for young companies which have to rely on the original equity investment of their …